OTRC: Taylor Swift tops Billboard's 'Money Makers' list

When it comes to being a big money maker in music, Taylor Swift is tops.

That is according to a list released by Billboard magazine on March 9 which named the country singer at the top of their sixth annual "Money Makers" list. The singer reportedly earned more than $35 million in 2011 to beat out top-selling artists like Lady Gaga, Lil Wayne and Adele.

Swift's tour for her "Speak Now" album earned $88.5 million in the U.S. and Swift received $29.8 million for her effort on the road, according to the industry magazine. The singer's songwriting efforts also helped her earn a sizable income through royalties as the album's tracks were used in a variety of movie and television series.

The 22-year-old was named Billboard's Woman of the Year in 2011 in part because she outsold any other artist that year. Her third studio album "Speak Now," which was released in October 2010, has sold over five million copies, including one million in its debut week.

According to Billboard, the rankings of the artists were based on U.S. income from sources like tours, album sale and publishing royalties. The magazine said in a press release, "Our calculations were based on each artist's U.S. net earnings, not gross revenue. Due to a lack of sufficient data, our figures do not include revenue from sponsorships, merchandise sales or synchronization deals."

In second place on the list was U2 with $32 million, followed by country crooner Kenny Chesney in third place with $29 million and Lady Gaga in fourth place with $25 million. Rapper Lil Wayne finished out the top five with $23 million.